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  • Two Wheeler Loan Interest Rates

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    Overview:

    With mounting costs of public transport and increasing traffic, owning a vehicle of your own has become more of a necessity than extravagance. When compared to cars, a two-wheeler is easier to maintain and consumes less fuel. If you are worried about the unexpected expenses that you will incur if you purchase a motorbike, applying for a two-wheeler loan is the best thing to do. With lot of leading banks in India offering two wheeler loans, you can not only get the vehicle of your dreams in no time but also pay back the loan without any financial stress through easy instalments.

    Before applying for a two-wheeler loan, you must always discuss about the prevailing interest rates with your banker and check your affordability. Since the interest rates can make or break your loan deal, always pay attention to the finer details about the rate of interest.

    Perfect Personal Loan Deals for you

    Also Read: Two Wheeler Insurance.

    Features and Benefits of Two Wheeler Loans:

    • With most of the banks offering loans up to 90% of the on-road price of the vehicle, you can purchase any brand new two-wheeler without any second thoughts.

    • Burning up all your savings to purchase a two-wheeler is a risky option. Instead, avail a two-wheeler loan to relieve you of the financial burden. As an added advantage, you can also plan your budget effectively and pay back the loan in affordable EMIs.

    • Two-wheeler loans usually cover the cost of insurance, accessories and registration.

    • To get more out of your two-wheeler loan, check for loan partnership options with your automobile dealer.

    • Two-wheeler loan requires minimal documentation and is offered for all sections of people and all class of customers.

    • The income criteria is also lenient and most of the banks offer motorbike loans for people with an annual income of Rs.50,000.

    • There is either no prepayment penalty or a nominal foreclosure charge for paying off the two-wheeler loan ahead of the tenure.

    • Most of the banks also offer flexible repayment options which will enable the customer to choose a comfortable tenure.

    Apply for Personal Loan

    Two Wheeler Loan Interest Rates:

    The interest rates for two-wheelers loans in India vary between 13% to 27% depending on the bank, type of vehicle, applicant's employment type and source of Income.

    The interest rates are usually floating and is linked to the base rates. Because a two-wheeler is a depreciating asset, the interest rates are generally higher when compared to other loan products. Interest rates for two-wheeler loans may also depend on other factors like the tenure, margin and type of vehicle.

    Current Two Wheeler Loan Interest Rates:

    Given below are the current interest rates for two wheeler loans offered by Indian banks and financiers:

    Name of bank Two wheeler Interest rate
    SBI MCLR + 3.00% = 12.10%
    HDFC Super Bike Two wheeler Loan APR: 9.96% to 15.74% IRR: 9.95% to 15.50%
    Two wheeler Loan 11.37% to 33.15% 11.01% to 24.07%
    Saurashtra Bank Repayment Period upto 3 Years 15%
    Repayment Period above 3 Years, upto 5 years 16%
    Bank of Baroda One year MCLR + Strategic Premium + 4.00%
    Punjab National Bank (14.50 %) In which monthly income is being paid via concerned branch and/ or under check off facility < 3 years MCLR+3.10%
    equal to 3 years MCLR+3.60%
    For every other loan including Business concerns < 3years MCLR+4.10%
    equal to 3 years MCLR+4.60%
    Power Ride Upto 36 months MCLR+1.60%
    Andhra Bank For loan term up to 36 months MCLR + 1.80%
    For loan terms more than 36 months MCLR + 1.80% + 0.25%
    Bajaj Fin Serv Customers are segregated into three bands, namely,
    High >30%
    Medium 27% to 30%
    Low <27%
    L & T Finance Upto 23%; actual rate varies on fluctuations in market and credit worthiness of the borrower
    UCO Bank For General category - MCLR of 1 Year + 4.40%
    Accounts with full liquid collateral security, 1.00% interest Rebate
    Accounts with 50% liquid collateral security, 0.50% interest Rebate
    Syndicate Bank MCLR+2%
    Vijaya Bank MCLR 1 Year + 2.20% =11.65% p.a. (floating)
    Allahabad Bank MCLR+3.00%
    Oriental Bank of Commerce Upto 36 months BR + 0.50% = 10.20%
    Upto 84 months BR + 0.75% = 10.45%
    Shriram City Union Finance At the lender's discretion on the basis of schemes opted by the borrower
    Bank of India For a new vehicle, for all tenures within the repayment period of the scheme BSS (0.10%) above 1 Year MCLR (Presently 9.50 %)
    Punjab & Sind Bank New Vehicles Two Wheeler One Year MCLR (9.60%)+ 2.00% = 11.60% One year MCLR+3.10% (PER: 13.40% p.a.)
    Lakshmi Vilas Bank
    Nainital Bank Base rate + 0.25% (Floating)
    City Union Bank Base rate Base rate + 7% = 17.50%
    BPLR PLR + 1% = 17.25%
    State Bank of Mysore Upto 5 years MCLR + 6.55% = 16.05%
    State Bank of Travancore Rs.50000 and below 13.85%
    Above Rs.50000 12.85%
    State Bank of Patiala Floating Rate of Interest 15.75% p.a. i.e. 6.25% above MCLR
    Fixed Rate of Interest 16.00% p.a. i.e. 6.50% above MCLR
    Corporation Bank 13.10%
    Central Bank of India Floating MCLR + 0.40%
    Fixed Rate ( Repayment within 36 months) MCLR + 0.40%

    Eligibility and Documentation for Two Wheeler Loans:

    In India, most of the banks offer two-wheeler loans for people in the age group of 18 to 65. The applicant can be a student, a salaried profession or a self-employed customer. Select banks also offer specialized two-wheeler loan products for agriculturists. The income criteria for two-wheeler loans depend on the type of loan and is at the discretion of bank.

    Documents - The applicants have to submit an ID proof and a proof of address. Income documents like bank account statements, salary slips, income tax return statements and certificate of employment is also required. Agriculturists and self-employed people have to submit relevant supporting documents to avail a loan for two-wheeler.

    How to Compare Two Wheeler Interest Rates?

    • Before deciding on a two-wheeler loan product, carefully analyze about all the features that it has to offer.

    • Check if the interest rates for two-wheeler loan with regards to a particular bank is floating or fixed. Also, use a two-wheeler loan EMI calculator to decide your loan affordability.

    • In a two-wheeler loan EMI calculator, all you have to enter is the loan amount, tenure and the interest rates. The calculator will project the monthly EMI along with the repayment schedule which will help you decide if the loan on that interest rate is affordable.

    • Compare different two-wheeler loan products and check if features like nil-foreclosure charges, insurance and high quantum is offered. Also, make sure you compare the interest rates for two-wheeler loans using a third-party comparison website.

    News about Two Wheeler Loan

    • Bajaj launches the new Pulsar 220F

      The Bajaj Pulsar 220 is the largest selling 200 CC Bajaj motorcycle. The company has recently launched the new model of the Bajaj Pulsar 220 which is compliant with the Bharat Stage IV emission norms. The Bajaj Pulsar 220F was launched in July 2007, which was equipped with a fuel injection system. The new Bajaj Pulsar 220F has been priced at Rs.91,201 (ex-showroom Delhi) and is Rs.2,274 more than its sibling the Bajaj Pulsar 220. The engine in the Bajaj Pulsar 220F has been upgraded to the Bharat Stage IV norms, but most of the engine specifications remain the same. The motorcycle comes with a 220 CC, oil-cooled, single cylinder engine, which delivers the power through a five-speed gearbox to the rear wheel. The new motorcycle will feature a matte black finish on the exhaust canister, a cool-blue backlit instrument cluster, and a new seat for better riding comfort.

      ></p> <p><em> 5th January 2017 </em></p> </div> <div class=

    • Yamaha and Honda may soon tie-up for Japanese Market

      In what may come as a historic event, Honda Motor Co and Yamaha motor Co may soon enter into a tie-up for small scooters to launch new lines for the Japanese markets. This is considered historic given their heated rivalry that stretches back a number of decades. For the first time ever, Honda, the world's largest manufacturer of two wheelers will begin work on Manufacturing Yamaha's 50cc scooters in its plant located in the south of Japan by the latter half of 2018. Reuters reports that the tie-up comes in face of shrinking two-wheeler market in Japan.

      /></p> <p><em>10th October 2016 </em></p> </div> <div class=

    • New dual tone colour variant of Honda Dream Yuga unveiled

      Honda's Dream Yuga has been introduced in a new dual tone colour variation. The 2016 model is now available in an attractive colour scheme of Black and Athletic Blue in metallic shades. The new option is available at the same cost as existing models, at the ex-showroom price of Rs. 51,499.

      The Dream Yuga is a frontrunner in the Dream series of motorcycles from Honda, owing to its reliability, fuel efficiency and ease of maintenance. The new colour scheme is expected to bring a touch of youthfulness to the motorcycle range.

      Dream Yuga is now available in six colours, Black, Black with Athletic Blue Metallic, Black with Heavy Grey Metallic, Black with Radiant Red Metallic, Sports Red and Pearl Amazing White.

      ></p> <p><em> 27th September 2016 </em></p> </div> <div class=

    Two Wheeler Loan by Other Banks
    Two Wheeler Loan

    Customer Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Bank Two Wheeler Loan
      "Always the best"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler loan twice from HDFC Bank. There were two different instances and both times, the experience is good and satisfactory. The process was quick and very much easy as well. The rate of interest and processing charges was also smooth.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2017
    • Shriram City Two Wheeler Loan
      "Good Service"
      SHRIRAM CITY UNION FINANCE
      0.5 3.0/5 "Satisfactory"
      I got a 2 wheeler loan from SHRIRAM CITY UNION FINANCE. They just took 3 days of time to disburse my loan. The customer service and the response is good. The rate of interest very high when compared with others. I have finished paying this loan within a year of time.
      Was this review helpful? 0
      , salem
      Reviewed on Jul 13, 2017
    • Shriram City Two Wheeler Loan
      "Helpful Service"
      SHRIRAM CITY UNION FINANCE
      0.5 4.5/5 "Excellent!"
      I had taken the two wheeler loan from Shriram. This is an ongoing loan. I do not recall the interest rate but last year only I got the loan. Shriram was very supportive during the loan process. They immediately approved the loan and sanctioned it on time.
      Was this review helpful? 1
      , kolar
      Reviewed on Jul 12, 2017
    • review Two Wheeler Loan
      "Good service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I got a 2 wheeler loan from Bajaj Finserv. They have disbursed the loan within a week time, the rate of interest is nominal with Bajaj finserv. I am happy with the loan amount. I have paid Rs.37,000 as Initial amount and the loan got sanctioned for Rs,60,000 and I am satisfied with the service.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jul 12, 2017
    • review Two Wheeler Loan
      "Good Offer"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I had taken two wheeler loan from Bajaj about long time back. In the first week of launching Bajaj Platino, they had announce an offer. The cost of the bike is 32,500, as per the offer I paid 20,000 and for the rest of the amount I paid it as EMI. But there is no interest rate for the loan. It was a good offer and good service from Bajaj.
      Was this review helpful? 0
      , erode
      Reviewed on Jul 11, 2017
    • review Two Wheeler Loan
      "Excellent Service"
      HDFC LIFE
      0.5 5.0/5 "Blown Away!"
      My bike loan was taken from Hero Finance, this loan was taken in 2015. The loan amount what I taken was around 60k. I had made a down payment of around 15000 rupees. The total EMI is for 110months, the EMI amount is 3000. All the information was properly conveyed to me, and in 2016 I have closed this account
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 09, 2017
    • HDFC Bank Two Wheeler Loan
      "Excellent Service"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      I have availed two wheeler loan from HDFC bank, this loan would get completed most probably by 6 months. Their interest rate is very nominal when compared with other banks in the market. I am happy banking with HDFC. Their response and the customer service provided by HDFC Bank is really excellent.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jul 07, 2017
    • ICICI Two Wheeler Loan
      "Unhappy with the services"
      ICICI BANK
      0.5 1.0/5 "Really Bad"
      I have earlier taken a two wheeler loan from ICICI Bank and the process was not satisfactory. The customer support was not responsive and the whole process was inconvenient. They did not respond on time. The bank is not recommendable and the interest rates are high.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 07, 2017
    • HDFC Bank Two Wheeler Loan
      "Customer friendly bank"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC bank is also plays a good role, I am very satisfied with their charges and their norms are good. That's the reason I have taken two loan from HDFC, My loan amount is around Rs.53,000 to purchase Activa worth of Rs.62,000 before two months. Overall HDFC good experience.
      Was this review helpful? 1
      , indore
      Reviewed on Jul 07, 2017
    • HDFC Bank Two Wheeler Loan
      "Good in customer service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      For two wheeler loan, I had approached HDFC bank and the services are good with them. I had taken the loan with the interest rate of 9.5%. They done with the process in a good manner and all their services are really good. I am happy with HDFC bank.
      Was this review helpful? 1
      , raipur
      Reviewed on Jul 07, 2017
    • HDFC Bank Two Wheeler Loan
      "Supportive "
      HDFC BANK
      0.5 4.0/5 "Great!"
      My two wheeler loan is running with HDFC bank. Recently I got this loan and I had done with 2 EMIs. I do not remember about the interest rate but I am happy with the bank for the loan process. Actually this is my second two wheeler loan from the bank.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 06, 2017
    • HDFC Bank Two Wheeler Loan
      "Wonderful "
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have closed the two wheeler loan with the HDFC bank and the interest rate was bit like it was around 14%. Customer service and everything was good, also I don't have any issues with them till now. Response is also good one with the HDFC bank.
      Was this review helpful? 1
      , pune
      Reviewed on Jul 06, 2017
    • L&T Finance Two Wheeler Loan
      "Excellent"
      L&T FINANCE LIMITED
      0.5 4.0/5 "Great!"
      Services are good with Larsen and turbo a in availing bike loan is good enough and the main reason approaching this is rate of interest. Initially this was named as Family credit, customer service team is quite ok and overall I like the service from them
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 06, 2017
    • review Two Wheeler Loan
      "Its Great"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I took a two wheeler loan from Bajaj Finserv they offered me 8% of interest which is the very least in the market, they are very much responsible I felt it is a better service. Moreover they are supporting the customer by offering a lower interest based on their need. My loan amount was Rs. 1.67 lakh, I purchased Ktm 319 bike worth Rs. 3 lakhs and it is recently launched.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 05, 2017
    • HDFC Bank Two Wheeler Loan
      "Dissatisfied service"
      HDFC BANK
      0.5 1.0/5 "Really Bad"
      I already submitted all the document to HDFC for two wheeler loan. But they kept changing the interest rate they were not transparent in their process. Initially they told me interest rate would be around 12 % then they changed to 20% of interest. I am not fine with their service, Though I am an existing customer they are not good in offers.
      Was this review helpful? 2
      , amritsar
      Reviewed on Jul 03, 2017
    • ICICI Two Wheeler Loan
      "Excellent and satisfactory service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      ICICI is very much transparent, they provide all the information about the charges. I took two wheeler loan amount of Rs.30,000 for an interest rate of 12.5% this is for a tenure of six years, my EMI was Rs.3000 now my loan amount got closed without any hassles.
      Was this review helpful? 1
      , amritsar
      Reviewed on Jul 03, 2017
    • ICICI Two Wheeler Loan
      "Interest rate has to be reduce"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Earlier, I was holding a salaried account with ICICI so they were able to process the two wheeler loan approval without any hassles. My two wheeler loan amount was Rs. 38,000 that was for a tenure of three years. Interest rate was good. Their way of approach was also good, I don't want to run behing banks rather they voluntary offered the loan.
      Was this review helpful? 2
      , hubli
      Reviewed on Jul 03, 2017
    • review Two Wheeler Loan
      "Satisfactory services"
      BAJAJ FINSERV
      0.5 4.5/5 "Excellent!"
      I have taken my two wheeler loan earlier from Bajaj Finserv and the process is good. I received the loan on time and the after loan services is also perfect. The documentation was not much. It was a nice experience as they were supportive. The interest rate and charges was a bit high.
      Was this review helpful? 2
      , pune
      Reviewed on Jun 25, 2017
    • HDFC Bank Two Wheeler Loan
      "Not Happy"
      HDFC BANK
      0.5 2.0/5 "Expected more"
      During the year of 2014, I got two wheeler loan from HDFC bank. Interest rate was high with the bank and the process was average. I had already completed the loan. But I am not happy with the services of HDFC bank for the two wheeler loan process.
      Was this review helpful? 1
      , guwahati
      Reviewed on Jun 24, 2017
    • review Two Wheeler Loan
      "Good overall"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      Bajaj Finserv was too good in the process for the two wheeler loan. I had taken the loan couple of years back and the process was smooth and the after loan services was good too. I never had issues during the process and in all there were no hassles as such.
      Was this review helpful? 3
      , chennai
      Reviewed on Jun 24, 2017
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